中国线上品牌追踪_2025 年 10 月_多数板块增长乏力；乳制品改善；啤酒、美妆板块表现滞后-China Consumer Connection_ Online Brand Tracker_ Oct-25_ Muted growth across most sectors; Diary improved; Beer_Beauty lagged

14 November 2025 | 6:54AM HKT Equity Research China Consumer Connection: Online Brand Tracker: Oct-25: Muted growth across most sectors; Diary improved; Beer/Beauty lagged We summarize the Oct updates of our Online Brand Tracker. Key highlights: 1. Category performance: In Oct, most sectors we track saw largely stagnant growth - with Tmall/Taobao/JD combined, Supplements/IMF/Dairy registered +9%/+2%/+1% yoy growth, while Beer/Beauty/Small kitchen appliances/Sportswear/Sports shoes lagged at -19%/-9%/-7%/-6% ...